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Real Estate
Reply to "What % of your income goes towards your mortgage?"
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[quote=Anonymous][quote=Anonymous]It depends on your goal, risk level. Ours is 5% of gross. We also want to be able to pay the mortgage from one income. But, our HHI is about $300K so it kind of skews things. We're also older (50s), but even in our 40s, we didn't want the mortgage rope around our necks, so we bought below what our mortgage loan was approved for, and put a large downpayment.[/quote] When did you buy, what was your down payment, and are you in the DC area? Because a mortgage payment of $1250/month around here is so unusual it's virtually useless for discussion purposes. Ours is 10% of gross, which is ~$500k. $750k mortgage at 2.625%. PIT is around $4100/month; that does not include insurance. [/quote]
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